Trade Ideas: IYM, MECA, HTLD, GGG, IART, ABG, LNK, PHK
Based on the modest bullish action over the last couple of days it looks like markets are set to retrace all of Friday's losses (only then will we have an idea if there is to be a follow through recovery). Some nice picks from the Trade Ideas software
IYM: Finding support at the 50-day MA, run stops on a loss of $52. Bears could argue for a rounding top but such action would be negated on a break of $54. Point-n-figure target of $80 looks reachable as part of the (still in play) November 28th ascending triple top breakout.
MECA: Climbs back above the 50-day MA on a PPO 'Buy' signal. Confirmed support at $7.00, run a stop on a loss of $6.84
HTLD: Low liquidty gives way to wide intraday swings. If it can hold the break of $21.35 into the close it will have merits. Weekly chart shows some nice basing action.
GGG: Shaping a bullish flag with confirmed support at $37.70. The weekly chart shows a confirmed double bottom at $31.03/$30.88 following the weekly close above $38. $38 is a big number in this chart; buy tests and sell a loss of it. Point-n-figure chart clinging to a bearish target of $23 but a move to $40 would blow this out of the water
IART: Building a right-hand-side base, on a modest increase in volume; weekly chart could suggest a squished cup-and-handle (or a 'V' base-on-a-'V' base). Point-n-figure chart shows no resistance above $40 and a price target of $57. A solid performer
ABG: Weekly chart is less noisy; basically buy a break of $18. One to watch. Point-n-figure target of $26.50 is not unfeasible if it can attract some momentum buyers (few currently).
LNT: Another stock showing solid basing action on every increasing money flow. Big move (and volume) will come on a break of $30. $31 will see a double top breakout on the point-n-figure chart. Ride the trend.
PHK: Nice break of a small handle following January's run beyond $14.60. Decent low risk entry with a stop on a loss of $14.90. $20 looks a logical short term target given there is no overhead resistance to hem this one in. Stock of the day
IYM: Finding support at the 50-day MA, run stops on a loss of $52. Bears could argue for a rounding top but such action would be negated on a break of $54. Point-n-figure target of $80 looks reachable as part of the (still in play) November 28th ascending triple top breakout.
MECA: Climbs back above the 50-day MA on a PPO 'Buy' signal. Confirmed support at $7.00, run a stop on a loss of $6.84
HTLD: Low liquidty gives way to wide intraday swings. If it can hold the break of $21.35 into the close it will have merits. Weekly chart shows some nice basing action.
GGG: Shaping a bullish flag with confirmed support at $37.70. The weekly chart shows a confirmed double bottom at $31.03/$30.88 following the weekly close above $38. $38 is a big number in this chart; buy tests and sell a loss of it. Point-n-figure chart clinging to a bearish target of $23 but a move to $40 would blow this out of the water
IART: Building a right-hand-side base, on a modest increase in volume; weekly chart could suggest a squished cup-and-handle (or a 'V' base-on-a-'V' base). Point-n-figure chart shows no resistance above $40 and a price target of $57. A solid performer
ABG: Weekly chart is less noisy; basically buy a break of $18. One to watch. Point-n-figure target of $26.50 is not unfeasible if it can attract some momentum buyers (few currently).
LNT: Another stock showing solid basing action on every increasing money flow. Big move (and volume) will come on a break of $30. $31 will see a double top breakout on the point-n-figure chart. Ride the trend.
PHK: Nice break of a small handle following January's run beyond $14.60. Decent low risk entry with a stop on a loss of $14.90. $20 looks a logical short term target given there is no overhead resistance to hem this one in. Stock of the day
